Bitcoin’s monthly performance translated into higher gains in APT, GALA, T, MANA and SOL, making it the best altcoins in January.

The cryptocurrency market kicked off in January with small altcoins and Ethereum (ETH) liquid betting derivative (LSD) token rising due to the upcoming network update. in the month of March. Soon, profits began to appear all over the board as buyers began to play.

Improving macroeconomic conditions, such as lower inflation and stable employment in the United States, provided additional headwinds for the positive recovery. Bitcoin is a slow mover
BTC is a slow mover

below
$22,460 value

it is having its most impressive closing since January 2013. The price is up 40% year to date, with an opening value of $16,530.

Another big boost for the January rally was the relatively weak crypto market. After the FTX scandal and the lack of narrative in the private space, most investors expected it to slow down in 2023.

Unresolved issues include the possible collapse of the Digital Currency Group, geopolitical tensions between Russia and Ukraine and Fed policy leading to a recession. Therefore, most consumers did not expect prices to increase at the beginning of the year.

As it turns out, misconceptions and crowded positions continue to grow in the futures markets. Shortly after finding a jump, a pullback is possible. It remains to be seen whether the level of retracement will attract sellers, thus turning into a medium to long-term bearish trend. Picture the best cryptocurrencies.

Aptos (APT) .
Launched in October, Aptos is a new blockchain in the space that uses technology from the abandoned Facebook/Meta crypto project, Libra. This brings tremendous value according to the executive team, with leading Meta engineers also developing the Move programming language to make the chain scalable and scalable.

Despite the popularity of the project, the basis does not justify the price. Investor uncertainty is one of the reasons APT prices have fallen. The $3 billion profit in the fourth phase of the project surprised many observers. There is also a market manipulation of the APT/KRW pair in Upbit, which resulted in Kimchi premium. In South Korea, it’s hard to know the reason for his request.

APT/USD has surpassed its previous peak of around $10, recorded around the launch. Technically, the token is currently in price discovery mode. Therefore, there are few levels of selling resistance, with the last peak at just $20 and the psychological level at $25. Unless negative long-term bond yields and the positive drivers of the Kimchi premium are cooled, the rally could still have cracks.

But the strength indicator (RSI), a price gauge, slipped into oversold territory, suggesting a possible reversal. The moving average convergence divergence (MACD) shows a slight decrease with a small increase in the metric compared to price. However, the availability of the purchase price is reassuring for APT cattle. Support for the token ranges from $14.75 to $10.40

The Gala (GALA) is a great one.
Like Aptos, Gala (GALA) also benefits from a significant negative position in the futures market. The decline in GALA/USD from $0.02 to $0.07 can be attributed primarily to the liquidation of short positions.

The token inflates to about 17,123,286 GALA per day, which is about $28.2 million per month at current prices. This raises concerns that the price of the latest pump may be short-lived.

On January 25, the Gala team announced a new roadmap for the project, which seeks to transform the economy by reducing inflation and introducing new combustion mechanisms. They are working on an independent Gala chain, where the GALA token will be used to pay transaction fees.

Additionally, GALA’s daily activity could also decrease after the vote to change the wash schedule to supply, dropping by around half from July 21st.

Source: CoinTelegraph

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